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What amount of revenue or income from the

Farm co leased equipment to union co on july 1, 2015, and properly recorded the sales- type lease at $66,977, the present value of the lease payments discounted at 6%. The first of five annual lease payments of $15,000 due at the beginning of each year of the lease term was received and recorded on july 3, 2015/ Farm had purchased the equipment for $65,207. What amount of revenue or income from the lease should Farm report in its 2015 income statement?

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